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Active managment – Going beyond the index

The debate over the merits of active and passive investing has been going on for some time. Ivy believes investors can derive the most long-term benefit through exposure to well-researched actively managed funds.

Market Perspectives/ 05.08.20

Looking beyond stock market volatility

Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.

Market trends show long-term investors generally have been rewarded over time. However, periods of extreme volatility can challenge even the most seasoned investors. Ivy believes having a perspective of the markets and the factors affecting them can be helpful in assessing current opportunities.

Navigating the Psychological Toll of COVID-19

Discover practice tips to helping support your clients during the pandemic.

Genlink

A succession plan for the next generation

You’ve spent your career teaching clients the importance of retirement planning and how to protect their assets. But have you considered what will happen to your business when it comes time for you to pass it to the next generation of advisors?

Genlink

Generational happiness

From loyalty to impact and autonomy to experiences discover how each generation defines happiness.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Seeking small companies with significant growth potential

Combined, the team has 75+ years of industry experience and 20+ years of experience working with small-cap strategies.

Consistent process

Since lead portfolio manager Tim Miller assumed management duties in April 2010, the Fund has had competitive performance versus its Morningstar Small Growth peers.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

Portfolio Management

Timothy J. Miller, CFA

— Ivy Investment Management Company

— 10 Years with Fund

— 41 Years in Industry

Tim Miller is co-portfolio manager of the small cap growth product suite of mutual funds and institutional accounts. He has been portfolio manager of the Ivy Small Cap Growth Fund since 2010. He was appointed to the leadership role of the small cap growth team and assumed co-portfolio manager responsibilities of the small cap growth product suite in 2016. Mr. Miller joined the organization in 2008 as a vice president and portfolio manager. He held portfolio manager responsibilities for Ivy Small Cap Value Fund and Ivy VIP Small Cap Value from 2008 to 2010. He was appointed senior vice president in 2011. Prior to joining the firm, Mr. Miller managed his personal funds in a hedged equity style from 2004 to 2007. From 1992 through mid-2004, he was affiliated with INVESCO Funds Group, including serving four years as its chief investment officer, five years as head of the growth funds group, and from 1993-2004 as lead manager of the INVESCO Dynamics Fund. Early in Mr. Miller's career, he spent 13 years affiliated with Mississippi Valley Advisors in St. Louis, as assistant director of equity research and co-manager of a small cap value fund. Mr. Miller graduated from St. Louis University in 1979 with a BSBA in Finance. He earned an MBA from the University of Missouri/St. Louis in 1983. Mr. Miller is a CFA charterholder. He is a member of the CFA Institute, the Denver Society of Security Analysts and the CFA Society of Kansas City.

Kenneth G. McQuade

— Ivy Investment Management Company

— 4 Years with Fund

— 24 Years in Industry

Ken McQuade is co-portfolio manager of the small cap growth product suite of mutual funds and institutional accounts. He has been portfolio manager of Ivy VIP Small Cap Growth since 2006. He was named co-portfolio manager of the small cap growth product suite in 2016. Mr. McQuade joined the organization in 1997 as an equity investment analyst. He was appointed assistant vice president in 2000. He assumed assistant portfolio manager responsibilities for small cap growth institutional accounts in 2003. He was appointed vice president in 2004 and senior vice president in 2016. Mr. McQuade earned a BS in Finance from Bradley University in 1992. Prior to joining the firm, he was affiliated with A.G. Edwards & Sons as a health care investment analyst.

Bradley P. Halverson, CFA

— Ivy Investment Management Company

— 4 Years with Fund

— 18 Years in Industry

Brad Halverson is co-portfolio manager of the small cap growth product suite of mutual funds and institutional accounts. He was named co-portfolio manager of the product suite in 2016. Mr. Halverson joined the organization in 2008 as an equity investment analyst on the Small Cap Growth team. He was appointed assistant vice president in 2013 and vice president in 2015. He was named assistant portfolio manager of small cap growth institutional accounts, serving in the role from 2014 to 2016. Prior to joining the firm, Mr. Halverson was associated with Northpointe Capital as an equity analyst responsible for researching growth stocks across micro, small, and mid cap portfolios. From 2002 to 2004 he was an associate in health care investment banking for A.G. Edwards & Sons, Inc. He was affiliated with Pricewaterhouse Coopers, LLP in positions of increasing responsibility from 1995 through 2000 culminating as a manager in business advisory services. Mr. Halverson graduated from Brigham Young University in 1995 with a BS and MS in Accounting. He earned an MBA with an emphasis in Finance and Corporate Strategy from the University of Michigan in 2002. Mr. Halverson is a CFA charterholder. He is a member of the CFA Institute. He is a former Certified Public Accountant (CPA).

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes. If it had,
performance shown would have been lower.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return
Average Annual Total Returns as of 5/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

-1.32%

5.80%

10.22%

9.39%

12.48%

9.80%

Russell 2000 Growth TR USD

-6.65%

7.32%

7.72%

6.34%

11.72%

-

Morningstar Small Growth

-3.84%

7.66%

9.60%

7.75%

11.79%

-

Quarterly Rates of Return
Average Annual Total Returns as of 3/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

-21.43%

-16.99%

2.80%

4.26%

9.97%

8.02%

Russell 2000 Growth TR USD

-25.76%

-18.58%

0.10%

1.70%

8.89%

-

Morningstar Small Growth

-24.59%

-17.66%

1.69%

2.77%

8.81%

-

Calendar Year Return

Select Year Range

2015

2016

2017

2018

2019

2010

2011

2012

2013

2014

2005

2006

2007

2008

2009

2003

2004

Class I

-1.81

13.83

24.03

-3.79

24.27

36.08

-4.72

15.63

41.36

3.54

-

-

-

-37.51

43.77

-

-

Russell 2000 Growth TR USD

-1.38

11.32

22.17

-9.31

28.48

29.09

-2.91

14.59

43.30

5.60

4.15

13.35

7.05

-38.54

34.47

48.54

14.31

Morningstar Ratingsas
of 5/31/2020

Category: Small Growth

Overall out of 583

★★★

3 Year out of 583

★★★

5 Year out of 506

★★★★

10 Year out of 379

★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking
through 5/31/2020

Category: Small Growth

Rank

Percentile

1 Year

381 /633

57

3 Year

273 /583

44

5 Year

169 /506

32

10 Year

178 /379

43

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 7/31/2019

Net

0.89%

Gross

1.04%

5-Year Standard Deviation
as of 5/31/2020

Fund

19.65

Russell 2000 Growth TR USD

20.51

5-Year MPT* Statistics
as of 5/31/2020

Alpha

3.12

Beta

0.93

R-Squared

95.01

Sharpe Ratio

0.42

Capture Ratio

Upside: 96.92%

Downside: 84.20%

*Modern Portfolio Theory

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 4/2/2007

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 4/2/2007

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 5/31/2020

NAV

0.00%

With Sales Charge

0.00%

Fund Documents

Top 10 Equity Holdings
as a % of net assets as
of 5/31/2020

Five9, Inc.

Five9 is a pioneer and leading provider of cloud software for contact centers. It focuses on delivering its platform in the cloud and replacing legacy on-premise contact center systems.

3.35%

Teladoc Health, Inc.

Teladoc, Inc. is a telehealth company that uses telephone and videoconferencing technology to provide on-demand remote medical care via mobile devices, the internet, video and phone. The company had its initial public offering on July 1, 2015.

2.87%

Mercury Computer Systems, Inc.

Mercury Systems is a commercial provider of secure sensor and mission processing subsystems. Mercury’s solutions power a variety of critical defense and intelligence programs.

2.74%

Wingstop, Inc.

Wingstop Restaurants, Inc. is a chain of nostalgic, aviation-themed restaurants specializing in chicken wings. Wingstop locations are decorated following a 1930s and 1940s "pre-jet" aviation theme. The restaurant chain was founded in 1994 in Garland, Texas, and began offering franchises in 1998.

2.70%

Monolithic Power Systems, Inc.

2.31%

Proofpoint, Inc.

Proofpoint is an enterprise security company based in Sunnyvale, California that provides software as a service and products for inbound email security, outbound data loss prevention, social media, mobile devices, digital risk, email encryption, electronic discovery, and email archiving.

2.10%

Varonis Systems, Inc.

2.08%

Globant S.A.

1.99%

Knight Transportation, Inc.

1.99%

CareDx, Inc.

CareDx, Inc., a transplant diagnostics company, together with its subsidiaries, focuses on the discovery, development, and commercialization of diagnostic solutions for transplant patients worldwide.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk Factors: The value of the Fund’s shares will change, and you could lose money on your investment. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The Fund may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Not all funds or fund classes may be offered at all broker/dealers. These and other risks are more fully described in the Fund’s prospectus.

Index Description: Russell 2000 Growth is an unmanaged index comprised of securities that represent the small cap sector of the stock market. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, and the Class T shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Pursuant to an agreement between Ivy Investment Management Company (IICO) and Ivy Variable Insurance Portfolios (the Trust), IICO has voluntarily agreed to waive and/or reimburse sufficient expenses of Ivy VIP Government Money Market to the extent necessary to maintain a yield of not less than zero. There is no guarantee that Ivy VIP Government Money Market will maintain such a yield. IICO may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial professional.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.